Buying forints

Old Aug 8th 2015, 10:49 am
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Default Buying forints

I am going to Budapest in 2 weeks and have been struggling to get a decent exchange rate where i live (North East UK). I have tried ordering money online using "moneycorp" as they had the best rate but the site doesnt work and the others seem fishy to me.

Would it be better to get it exchanged in Budapest or should i keep looking around for a decent exchange rate where im not getting ripped off?
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Old Aug 8th 2015, 11:06 am
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Default Re: Buying forints

I tend to use OTP cash machines to withdraw money from my UK bank accounts. OTP give you the option to do the conversion at their end so your account is debited in Sterling. I got some out a few days ago and the exchange rate I got was 426.54. Clydesdale still make a charge for such overseas withdrawals but my Santander account seems to do them for free. If this rate compares well with what you have been offered I would suggest you keep your money in your UK account and just use the cash machines as needed. Petrol stations and most supermarkets in Hungary accept card payments but most other shops, cafes etc don't.
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Old Aug 8th 2015, 12:04 pm
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Default Re: Buying forints

Thanks for the quick reply! I have a santander account so it seems like good news, plus that rate is the same as moneycorp so i think ill just get the money whilst over there as and when i need it which will also be much safer than carrying lots of money with me.
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Old Aug 8th 2015, 12:56 pm
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Default Re: Buying forints

Fidobsa is right!
But better restaurants also accept payments by card as do better hotels of course - so you might exhange the amount you think you'll need and if you find it on the low side you can pay some things by card ...
If you're flying in and out you can also spend the rest of your Forints at the airport on booze and cigarettes - they are much cheaper in Hungary than in the UK. Just remember that you're only allowed 300 cigs per person from Hungary inside the EU.

Have fun!
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Old Aug 8th 2015, 12:59 pm
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Default Re: Buying forints

I have recently been using xe.com for cross-border transfers from a Sterling account in the UK to a Euro account in Germany. Xe.com's exchange rates are about 1.5% worse than the mid-market rate (which is theoretical and no one actually gets); my high street UK bank's rate is about 4% worse. There is no commission charge if you are careful to tick the right boxes and I'm guessing the same would apply to UK>HU transfers. I've also been very impressed by the standard of xe.com's hotline – I've found the staff very competent and helpful. I don't usually gush praise like this about a business but this is one that has really impressed me recently.

For withdrawing from ATMs, my understanding is that you get seriously hit if you opt at the ATM to be charged in sterling rather than the local currency. There's an article about it here:

REVEALED: The simple card trick that costs British holidaymakers £292m a YEAR | Personal Finance | Finance | Daily Express

The only real advantage is that the exchange rate is set at the time you withdraw the money, so you can prevent nasty shocks later with ultra-volatile currency pairs. But Forint/Sterling isn't that volatile.
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Old Aug 8th 2015, 3:27 pm
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Default Re: Buying forints

They tell you what rate you are going to get before you decide whether to opt for a Sterling debit so I'm not sure what you mean. The last time they did the conversion at the UK end I got a rate of 416.67 but of course there was a charge made by the UK bank for that conversion. I still think overall you are better letting OTP do the currency conversion.
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Old Aug 8th 2015, 4:01 pm
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Default Re: Buying forints

There is Budapest exchange places where exchange rates are hire than others I use one at Octagen Square this is on tram 4 or 6 if large amounts then no change and slightly above current rates so good look digger47
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Old Aug 8th 2015, 4:14 pm
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Default Re: Buying forints

Fidobsa,

This isn't OTP-specific, it's a general thing. When I've used ATMs at Hungarian banks I've often been offered to let the Hungarian bank do the currency conversion rather than my own bank, which is the default arrangement (in my case, the conversion is to € and my bank is in Germany, but the principle is the same).

Two more articles explaining the issue:

How to cut the cost of your holiday | Money | The Guardian
Money Insider: Pay in the local currency on cards abroad - Spend & Save - Money - The Independent

These all advise that if you're given the choice of being debited directly in Sterling, i.e. the local bank does the conversion rather than your own bank back in the UK, you're worse off if you allow the local (Hungarian in this case) bank to debit your bank in Sterling.

I'm no financial expert, I'm just reporting what I've read. :-)
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Old Aug 8th 2015, 5:58 pm
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Default Re: Buying forints

Watchpost, you're so right! I've read something similar in Germany - so l always ask for a transaction in Forint!
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Old Aug 8th 2015, 8:50 pm
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Default Re: Buying forints

Much depends on which UK bank you have, Nationwide's debit cards, for example will charge you not at their exchange rate, but Visa's (which is often poor). On top of that, they will charge a percentage plus a fixed fee, so it can be cheaper to accept the OTP conversion. Having said that, I noticed recently that changing cash at the exchange booth in the local Tesco foyer gave an even better rate. You tend to get the worst rates of all buying goods at shops that accept foreign currencies (usually Euros, but in BP, often £s and $s).
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Old Aug 9th 2015, 1:05 am
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Default Re: Buying forints

Thanks a lot guys, youve been a great help. My hungarian tutor pretty much said the same, just get the money whilst over there and ill use my card whilst in resteraunts (dont want to make people wait whilst im messing about with a card in bars)
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Old Aug 10th 2015, 6:39 pm
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Default Re: Buying forints

Wolfi.
There is no limit to the quantity of cigarettes between two EU states. provided you paid tax on them when purchased, which you will do in a shop. and the airport shop will not allow you to buy duty free ones if you hold a ticket to another EU country.
Only conditions are that you buy and transport them yourself and they are for personal consumption.

Although Customs do advice they may ask check they are all for personal use if you have more than 800.
I regularly take 2000 every summer when I go for a 2 month holiday to the UK, never been stopped or questioned yet, and I carry them openly in a 'duty free' shop bag not hidden in my luggage.
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Old Aug 11th 2015, 9:56 am
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Default Re: Buying forints

There is this exception.
Buying goods in another Member State - European Commission

As regards tobacco products, EU countries may limit the number of cigarettes you can bring with you from certain other EU countries which do not yet charge the minimum level of excise duty. This limit cannot be lower than 300 cigarettes. At current stage, Austria, Croatia, Denmark, Germany, Ireland, Italy, Slovenia and Sweden apply this lower limit for travellers coming from Bulgaria, Croatia, Hungary, Latvia, Lithuania or Romania.
Just saw the UK is not on the list - but if you're travelling by car you might get problems in Austria ...
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Old Jul 28th 2016, 11:32 am
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Default Re: Buying forints

We always take sterling and used exchange places(though this will not stretch as far this year), we think that gives us the best rate. There are two next to Ferenciek ter that are not bad, one in a court by Deak, next to the milk bottle cafe, rates are good but check your change.
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Old Jul 31st 2016, 1:08 am
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Default Re: Buying forints

Buying "exotic" currencies in the UK is always an expensive business. Best to use a combination of ATM cards and exchange sterling/euros locally on arrival. In many countries the banks will give a better rate than the bureaux de change.
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